Mashreq offers instant money transfer to India

The newly-launched facility, is a mobile payment solution that will be available 24/7 and free of charge until December, 2015 for Mashreq customers, gulfnews.com reports. Under the new facility, the money sent to the beneficiary can be availed from Axis Bank branches and near instantly from other banks in India.

The recipient has the option to withdraw cash at any of the 12,000 Axis Bank ATMs without the need for an ATM card or bank account. Additionally, there is an option to remit funds to a beneficiary holding an Axis bank account in India. Transfers to other bank accounts will be near instant, depending on the National Electronic Funds Transfer (NEFT) cut-off times in India.

Remittances can be initiated by having the sender select the beneficiary’s phone number from their phone address book.